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What is Endowment Life Insurance?

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What is Endowment Life Insurance?

With so many things that could possibly go wrong in life, the best way to prepare you and your family for the unknown is through life insurance.

Among the many useful investments, an insurance plan is a sure way to invest in the future of your family. The guarantee of protection or safety may vary depending on the insurance company. One should do the proper research on policies and provision to make sure you have the sufficient plan for your needs.

Nowadays, life insurance is not only used for safety and security, but to be financially stable in times of distress. That is, life insurance policies are now used by many to help them through financially difficult times. There are a lot of policies on the market; one of them that many tend to gravitate to is endowment insurance.

So, what exactly is endowment life insurance?

Endowment insurance is a life insurance in where one is gratified to pay the quantified amount as held by the underwritten person for a particular time period in where a designated recipient may claim the insurance upon maturity or death of the insured.

You may come across different endowment policies so you must be knowledgeable enough to balance the advantages and drawbacks of terms stipulated in the policy. Endowment policies come in different types such as unit-linked endowment, full endowment, endowment with profits, cost-effective endowment, trade-up endowment, and even modified endowment.

Endowment with profits comes in two vital advantages: annual gratuity and a year-end gratuity. A bonus is given in two periods: each year and at the end of the maturity of the insurance with the underlying condition that the investment is of good standing.

A unit-linked policy is dependent on the value of the unit invested as such a good unit investment may make the policy go up as well.

Full endowment follows the course of endowment with profits that could be claimed after death or maturity of the insured with the benefit premiums higher than what is paid. Cost-effective endowment are advantageous to those who would be able to claim the benefits at maturity but less beneficial to those premiums claim before maturity (death).

Trade-up endowment refers to transactions where life insurance is bought second hand from surrendered or unwanted endowment policies. Modified endowments are basically established for tax shelters that use premiums from insurances, For example, one may have paid a full 7-year premium. The beneficiary could then claim the insurance. However, one could still pay continuously and claim much higher benefits.

Showing practicality is wise. It is always advisable that in times of prosperity, one must save for rainy days and look towards the future.

40% Off Endowment Cover

If you don't find the best value endowment life insurance quote now, over the lifetime of the policy this will cost you £1000's. Unlike other comparison sites we only provide quotes for Endowment Insurance which means you can speak to experts as well as getting great prices. Complete our form and find out your lowest quote.